Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Yields are subject to change. For additional important information, please click here

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Yields are subject to change. For additional important information, please click here

Fees, Expenses & Minimums

Minimum Initial Investment ($):

10,000,000

Management Fee (%):

0.15

Net Expense Ratio (%):

0.70

Gross Expense Ratio (%):

0.73

Investment Approach

The Prime Portfolio seeks preservation of capital, daily liquidity and maximum current income.

Investment Philosophy

We believe that a conservatively managed portfolio of liquid, high-quality money market instruments may offer the best means of maximizing current income while preserving capital and liquidity.

Investment Process

The management team follows a multi-pronged investment process with respect to credit risk, interest rate risk and liquidity. Securities are reviewed on an ongoing basis to maintain or improve creditworthiness, taking into consideration factors such as cash flow, asset quality, debt service coverage ratios and economic developments.

Fund Highlights

Security:

AAAm – S&P

Aaa-mf – Moodys

AAAmmf – Fitch

The portfolio's credit quality does not remove market risk

Liquidity:

Competitive trading deadlines and same-day access

Yield:

Competitive rate of return

Fund Highlights

Security:

AAAm – S&P

Aaa-mf – Moodys

AAAmmf – Fitch

The portfolio's credit quality does not remove market risk

Liquidity:

Competitive trading deadlines and same-day access

Yield:

Competitive rate of return

36

Weighted Average Maturity (Days)

85

Weighted Average Life (Days)

41.39

1-Day Liquidity (%)

43.88

7-Day Liquidity (%)

As of 01/18/2019 | As of 01/18/2019 | As of 01/17/2019 | As of 01/17/2019 |

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. Yield quotation more closely reflects the current earnings of the Portfolio than the total return. For additional important information, please click here.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Investment returns and principal value will fluctuate and fund shares, when redeemed, may be worth more or less than their original cost. For additional important information, please click here.

Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. Yields are subsidized and subject to change. For additional information, click here.

*The Portfolio will be required to price and transact in their shares at a floating net asset value (“NAV”) and will be permitted to impose a liquidity fee on redemptions or temporarily restrict redemptions in the event that the Portfolio’s weekly liquid assets fall below certain thresholds.

FLOATING NAV FUNDS: You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

The cut-off times for purchase and redemptions will be 8AM, 12PM, and 3PM ET.

Where the net expense ratio is lower than the gross expense ratio, certain fees have been waived and/or expenses reimbursed. These waivers and/or reimbursements will continue for at least one year from the date of the applicable fund’s current prospectus (unless otherwise noted in the applicable prospectus) or until such time as the fund's Board of Directors /Trustees acts to discontinue all or a portion of such waivers and/or reimbursements. Absent such waivers and/or reimbursements, returns would have been lower. Expenses are based on the fund's current prospectus.

Total assets used in the calculation of Daily Liquid Assets and Weekly Liquid Assets may include interest receivables as well as other assets, like prepaid expenses. If these interest receivables and other assets were not reflected, the Daily Liquid Assets and/or Weekly Liquid Assets would be higher.

Amended rule 2a-7(a)(8) (defining “daily liquid asset” to mean (i) cash; (ii) direct obligations of the U.S. Government; and (iii) securities that will mature or are subject to a demand feature that is exercisable and payable within one business day).

Amended rule 2a-7(a)(32) (defining “weekly liquid assets” to mean (i) cash; (ii) direct obligations of the U.S. Government; (iii) Government securities issued by a person controlled or supervised by and acting as an instrumentality of the Government of the United States pursuant to authority granted by the Congress of the United States, that are issued at a discount to the principal amount to be repaid at maturity and have a remaining maturity of 60 days or less; and (iv) securities that will mature or are subject to a demand feature that is exercisable and payable within five business days).

Subject to change daily. Provided for informational purposes only and should not be deemed as a recommendation to buy or sell securities mentioned or securities in the industries shown above.

Net Asset Value (NAV) is the dollar value of a single mutual fund share, based on the value of the underlying assets of the fund minus its liabilities, divided by the number of shares outstanding. It is calculated at the end of each business day.

Subsidized (Sub.) reflects current fee waivers in effect. Absent such fee waivers, the yield would have been lower. The Unsubsidized (Unsub.) does not reflect the fee waivers currently in effect. Current yield is a measure that looks at the current price of a bond instead of its face value and represents the return an investor would expect if he or she purchased the bond and held it for a year. Calculated by dividing the Annual Cash Inflows / Market Price. The 7-day effective yields are annualized net yields that describe 1-year earnings assuming dividends are reinvested at the average rate of the last 7 days.

Weighted average maturity (WAM) – measures the weighted average of the maturities of the portfolio's individual holdings, taking into account reset dates for floating rate securities.

Weighted average life (WAL) – measures the weighted average of the maturities of the portfolio’s individual holdings.

Important Ratings DisclosuresRatings represent the opinions of the rating agency as to the quality of the securities they rate. Standard & Poor's, Moody's, Fitch and NAIC ratings rate the investment quality of the fund's shares. Independent rating agency ratings include, but are not limited to, a regular analysis of a fund's liquidity, diversification, operational policies and internal controls, its management characteristics and the creditworthiness of its assets.

Ratings are not intended as a recommendation and are subject to change. Ratings are relative and subjective and are not absolute standards of quality. The portfolio's credit quality does not remove market risk.

Standard & Poor's money market fund ratings are forward-looking opinions about a fixed-income fund's capacity to maintain stable principal (net asset value). When assigning a principal stability rating to a fund, Standard & Poor's analysis focuses primarily on the creditworthiness of the fund's investments and counterparties, and also its investments maturity structure and management's ability and policies to maintain the fund's stable net asset value. For more information, please visit: http://www.understandingratings.com

Moody's Investors Services Inc.'s money market fund ratings are opinions of the investment quality of shares in mutual funds and similar investment vehicles which principally invest in short-term fixed income obligations. As such, these ratings incorporate Moody's assessment of a fund's published investment objectives and policies, the creditworthiness of the assets held by the fund, the liquidity profile of the fund's assets relative to the fund's investor base, the assets' susceptibility to market risk, as well as the management characteristics of the fund. For more information, please visit:

Fitch Ratings’ money market fund ratings are an opinion as to the capacity of a money market fund to preserve principal and provide shareholder liquidity. Money market fund ratings are distinguished from the long-term credit-rating scale by the ‘mmf’ rating subscript and range from ‘AAAmmf’ to ‘Bmmf’. For more information, please visit:http://www.fitchratings.com/creditdesk/public/ratings_defintions/index.cfm

The National Association of Insurance Commissioners (NAIC) conducts credit analysis on securities for the purpose of assigning an NAIC designation and/ or unit price. NAIC designations are the specific alphanumeric symbols in use by the NAIC Securities Valuation Office (SVO), to denote a category of credit quality. NAIC designated the MSILF Prime Fund as a Class 1 Fund. NAIC Class 1 designation subjects the Fund to capital reserve requirements as if it was a NAIC-1 Bond. For complete information on the methodology used by NAIC, please visit:http://www.naic.org/svo.htm

Please consider the investment objectives, risks, charges and expenses of the portfolios carefully before investing. The prospectus contains this and other information about the portfolios. To obtain a prospectus, download one atwww.morganstanley.com/liquidity or call 1.800.236.0992. Please read the prospectus carefully before investing.

As of January 1, 2011, the SEC requires fund companies to file a new exhibit with risk/return summary information in interactive data (XBRL) format. Click here for XBRL files.

WAM is the weighted average maturity of the portfolio. The WAM calculation utilizes the interest-rate reset date, rather than a security's stated final maturity, for variable- and floating- rate securities. By looking to a portfolio's interest rate reset schedule in lieu of final maturity dates, the WAM measure effectively captures a fund's exposure to interest rate movements and the potential price impact resulting from interest rate movements.

WAL is the weighted average life of the portfolio. The WAL calculation utilizes a security's stated final maturity date or, when relevant, the date of the next demand feature when the fund may receive payment of principal and interest (such as a put feature). Accordingly, WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

Tracking error and information ratio are calculated using the Portfolio's Blended Index (added October 2, 2013), as this is a better representation of the Portfolio's global multi-asset strategy. The investment team manages the Portfolio relative to this Blended Index.

Excess return versus Custom Benchmark is calculated using the Portfolio's Blended Index based on the period since it was added as a benchmark on October 2, 2013.

NTM = Next Twelve Months

LTM = Last Twelve Months

Because the Portfolio had not commenced operations as of the most recent fiscal year end, no portfolio turnover rate is available for the Portfolio.

The Reorganization occurred on January 6, 2015. The inception date reflects the inception date of the Private Fund.

Global equities is represented by the MSCI All Country World Index.

Net exposure % calculated as [(MV of long cash security and derivative positions)-(absolute value of MV in short derivative positions)]/(portfolio MV)

Gross exposure % calculated as [(MV of long cash security and derivative positions)+(absolute value of MV in short derivative positions)]/(portfolio MV).

Security ratings disclosed above have been obtained from Standard & Poor's Ratings Group ("S&P"). S&P's credit ratings express its opinion about the ability and willingness of an issuer to meet its financial obligations in full and on time.'AAA' is the highest rating. Any rating below 'BBB-' rating
is considered non-investment grade. Ratings are relative and subjective and are not absolute standards of quality. Ratings apply only to the underlying holdings of the portfolio and does not remove market risk.
"NR" or "Not Rated" indicates that no rating has been requested, that there is insufficient information on which to base a rating, or that S&P does not rate a particular obligation as a matter of policy. Futures are not rated.

Please be aware that liquidity instruments may be subject to certain additional risks. Fixed-income securities are subject to the ability of an issuer to make timely principal and interest payments (credit risk), changes in interest rates (interest-rate risk), the creditworthiness of the issuer and general market liquidity (market risk). In the current rising interest-rate environment, bond prices may fall and may result in periods of volatility and increased portfolio redemptions. Longer-term securities may be more sensitive to interest rate changes. In a declining interest-rate environment, the portfolio may generate less income.

It is important that users read the Terms of Use before proceeding as it explains certain legal and regulatory restrictions applicable to the dissemination of information pertaining to Morgan Stanley Investment Management's investment products.

Not FDIC Insured—Offer No Bank Guarantee—May Lose ValueNot Insured By Any Federal Government Agency—Not A Deposit